Bank, Condo Plan Offered To Village

April 11, 1994|By Rob Thomas.

Arlington Heights — A local businessman has informed the Village Board that he is applying to the state for permission to operate a new bank in the downtown area.

Although businessman Michael Silverman's plans for a community bank drew unanimous support from trustees, another proposal from him to build high-rise luxury condominiums on the same site drew a less enthusiastic response.

Silverman, who also serves as vice chairman of the village's Plan Commission, said at a Committee of the Whole meeting Monday that he and several associates plan to buy and renovate vacant property at Northwest Highway and North Chestnut Street, just north of the village's central business district.

The application was filed last week, and Silverman expects the state to take about two months to give its permission. With that approval, the bank could be operational by the end of the year.

His other plan for the site would be to build two high-rise condominium buildings, one 118 feet high and one at 100 feet, where condos would sell for about $165,000 each, Silverman said. The property's zoning would need to be changed for this type of use.